Willis sues former construction boss over Alliant team raidWillis Towers Watson has sued the former boss of its North American construction division after he defected to rival Alliant with at least nine of his colleagues and a significant amount of commercially sensitive information.
Irma’s tail will lash more than just Everest ReLast month, an industry investor toured Florida and met the senior management of a number of listed Florida insurers.
Everest Re takes further $250mn hit from 2017 catsShares in NYSE-listed Everest Re may come under selling pressure later today after the Bermudian reinsurer said it would take a $250mn after tax charge to bolster reserves from last year’s catastrophes.
Allstate hit with $417mn cat bill in JuneUS insurance giant Allstate suffered $417mn in catastrophe losses last month mainly stemming from severe hail storms.
Travelers misses as cat losses top expectationsTravelers disappointed analysts in the second quarter to deliver a $494mn profit that was dented by a higher-than-expected catastrophe bill.
Reserve releases help RLI to top estimates despite volcano claimsUS specialty insurer RLI impressed financial analysts as it kicked off the second quarter reporting season with an expectation-beating profit after reserve releases offset claims from volcanic activity in Hawaii.
Tokio Marine HCC restructures leadership teamTokio Marine HCC has made a number of changes to the management team of its specialty operations globally.
Berkshire Hathaway loosens terms on share buybacksWarren Buffett’s Berkshire Hathaway has eased conditions around repurchasing its own stock in a move that may signal an ambition to ramp up share buybacks.
JLT Re swoops on Guy Carp for North America head of credit and suretyJLT Re has appointed Scott MacColl as head of credit and surety for North America.
JLT Re questions credibility of risk modellersJLT Re has reiterated its scepticism of risk modelling firms and questioned the reliability of modelling tools in the wake of natural catastrophes.
Markel takes ex-Chubb exec Cox as operations boss amid reshuffleMarkel has hired Chubb’s former president of North American financial lines Robert Cox as president and chief operating officer for insurance operations.
RSG looks to create $200mn+ reinsurance vehiclePat Ryan’s managing general underwriting platform is looking to raise more than $200mn to launch a rated reinsurance vehicle that will enable the group to participate on some of the risks it writes.
US storms expected to cost insurers $3bnSevere thunderstorms in the month of June have led to over $3bn of insured losses, according to estimates by Aon.
Kingstone increases cat limit by 40 percent and enjoys rate reductionNASDAQ-listed US insurer Kingstone Companies increased its cat treaty limit by over 40 percent at the 1 July renewals while enjoying a “single digit” reduction in the risk premium paid to its panel of 46 reinsurers.
R-T Specialty’s ProExec hires LeggePat Ryan-owned wholesale broker R-T Specialty has hired Vanbridge co-founder Jonathan Legge to lead its transactional liability and private equity practices under the RT ProExec brand.
Florida insurer Frontline debuts $350mn cat bondSwiss Re Capital Markets has structured the issuance of a $350mn ILS transaction on behalf of the US insurer Frontline, highlighting the continuing appetite of capital markets investors to support cat risk securitisations.
TMK seals deal to take control of $200mn US flood MGATokio Marine Kiln has completed a deal to buy the remaining 51 percent of WNC Holdings, a California-based managing general agent specialising in writing cover for flood and construction risk.
Marsh puts circa 60 staff on notice in latest round of job cutsMarsh is telling around 60 London and international staff that they will be losing their jobs in another round of redundancies at the broking powerhouse, re-Insurance.com can reveal.
Senior Marsh execs Batchelor and Cooke set to departMarsh’s vice chairman David Batchelor is set to step down at the end of the year, shortly before the broker’s vice chairman of global placement Jeremy Cooke, re-Insurance.com understands.
Non-life premiums up 2.8% globally in 2017: Swiss ReGlobal non-life premiums rose by 2.8 percent last year to approximately $2.2tn, according to Swiss Re.